Crediton Confectionery has been bought by the newly established Devon Sweet Factory for an undisclosed sum, after the former ran into financial difficulties and fell into administration last month.
Andrew Sheridan and Gareth Morris of FRP Advisory – who were appointed joint administrators for Crediton Confectionery on October 25– said the acquisition would secure 74 jobs at the factory and ensure uninterrupted trading for the company.
“We are delighted to have secured the future for this long established Devon sweet manufacturer, which has put a smile on generations of confectionary lovers for more than 80 years,” said Sheridan.
Building the business
Devon Sweet Factory md Danielle Ives said it is great news for the customers and employees and was excited about the prospects for the new venture and look forward to building the business to attain its full potential.
“I would like to thank FRP Advisory for the efficient and sensitive manner in which they managed a very difficult process,” added Ives.
The sale to Devon Sweet Factory is the second time Crediton factory has been bought out of administration in five years.
Crediton Confectionery was formed in 2011 when David Ives acquired the factory from sweet manufacturer Bristows of Devon, after it closed and 73 workers lost their jobs.
Lose their jobs
The factory now manufactures Bristows Bon Bons, as well as its Tuckers range of toffees, boiled sweets and fudge.
The sale of Crediton Confectionery to Devon Sweet Factory is one of a number of acquisitions of sweet manufacturers over the past 11 months.
Liquorice and lollipop manufacturer Maxilin Crawford announced it bought Tilley’s Sweets in August, while American food wholesaler, Innovative Bites, has acquired Bonds of London, in a multi-million pound deal.
Meanwhile, four days of strikes have been planned at sweet manufacturer Tangerine’s York factory after pay and working conditions disputes.